The recent complaints/lawsuits against Newbridge are the result of GWG Holdings L Bonds, GPB Capital, and other non-traded investments. trial lawyer who has handled hundreds of securities cases during his career While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose. 1200 NORTH FEDERAL HIGHWAY SUITE 400 . We have also documented several of the most significant cases involving Newbridge Securities broker misconduct. LUDWIG INVESTMENTS, INC., NEWBRIDGE SECURITIES CORPORATION, NEWBRIDGE SECURITIES CORP. CRD#: 104065 /SEC#: 8-52538. Depending on the amount of experience people have with brokers, it may be easy to tell what is legitimate and off-base before the problem starts. For a free case consultation, you can call at1-888-614-9356 contact us via our online form. needs and objectives. The firm was ordered to pay a fine of $499,000. Newbridge Securities Corporation Trading Products. Santander Securities LLC said the firm works hard to resolve complaints and has enhanced its compliance, risk management, legal and control functions over the past several years. The complaint alleged that Cocuzzo engaged in a scheme to defraud investors and potential investors by receiving cash kickbacks to recommend and induce customers to purchase ForceField stock without disclosing those kickbacks to his customers. Newbridge Securities Corp. Regulatory Actions. losing money due to securities broker fraud, https://www.brokeraudit.com/thomas-john-avery-newbridge-securities-corporation/, $40 million awarded to Delco child with a spinal injury in a medical malpractice suit, The 6-year-old daughter of a Pennsylvania state representative has been awarded more than $40 million in compensation for a birth-related spinal cord injury. Newbridge Securities Corp., a mid-sized broker-dealer based in Boca Raton, FL with 35 regulatory event disclosures, has "a history of compliance problems," according to an article in Investment News. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The firm was ordered to pay a fine of $499,000. The issue pertained to the sale of structured products. Most recently, on July 18th, 2017, Newbridge Securities was hit with a $499,000 fine by the Pennsylvania Department of Banking and Securities. | All rights reserved Site Map | Disclaimer | Privacy Policy Website by Gladiator Law Marketing, Duane Pellman (CRD#: 2426979) is a previously registered Broker and previously registered Investment Advisor. Thomas John Avery at NEWBRIDGE SECURITIES CORPORATION - View Complaints, Disclosures, Scams and Audit Report (Updated 2023) By The Dirt April 1, 2023 4 Mins Read. Here, our experienced securities fraud attorneys highlight some notable allegations of misconduct that have been brought against this firm. Newbridge Securities provides complete client services including Investment Banking, Wealth Management and Insurance & Account Protection. Powered by Intelligent Holdings. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. In his career, Lawrence Labine has been the subject of 28 customer complaints that we know about, 2 of those complaints were filed in the last year to recover investment losses. Roanoke consented to all non-monetary relief sought in the complaint and the court entered a final judgment of permanent injunction on September 27, 2006. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Yes. Newbridge Securities is currently licensed to operate in all 50 U.S. states as well as in Washington DC, Puerto Rico and the Virgin Islands. Therefore, Newbridge Securities Corporation may be liable for investment or other losses suffered by Jeffrey Eglow's customers. is_confirmation;var mt = parseInt(jQuery('html').css('margin-top'), 10) + parseInt(jQuery('body').css('margin-top'), 10) + 100;if(is_form){jQuery('#gform_wrapper_1').html(form_content.html());if(form_content.hasClass('gform_validation_error')){jQuery('#gform_wrapper_1').addClass('gform_validation_error');} else {jQuery('#gform_wrapper_1').removeClass('gform_validation_error');}setTimeout( function() { /* delay the scroll by 50 milliseconds to fix a bug in chrome */ }, 50 );if(window['gformInitDatepicker']) {gformInitDatepicker();}if(window['gformInitPriceFields']) {gformInitPriceFields();}var current_page = jQuery('#gform_source_page_number_1').val();gformInitSpinner( 1, 'https://8zle54.p3cdn1.secureserver.net/wp-content/plugins/gravityforms/images/spinner.svg', true );jQuery(document).trigger('gform_page_loaded', [1, current_page]);window['gf_submitting_1'] = false;}else if(!is_redirect){var confirmation_content = jQuery(this).contents().find('.GF_AJAX_POSTBACK').html();if(!confirmation_content){confirmation_content = contents;}setTimeout(function(){jQuery('#gform_wrapper_1').replaceWith(confirmation_content);jQuery(document).trigger('gform_confirmation_loaded', [1]);window['gf_submitting_1'] = false;wp.a11y.speak(jQuery('#gform_confirmation_message_1').text());}, 50);}else{jQuery('#gform_1').append(contents);if(window['gformRedirect']) {gformRedirect();}}jQuery(document).trigger('gform_post_render', [1, current_page]);} );} ); In March of 2019, a Newbridge Securities customer filed a FINRA arbitration complaint, alleging that the broker-dealer: The underlying allegations in this case relate to significant investment losses sustained in non-traded real estate investment trust (REIT) offered by GPB Capital a company that is now being investigated for making material misrepresentations to investors and engaging in improper accounting practices. obligation to supervise the Financial Advisors sales practices and dealings Dedicated to the representation of investors in claims against their financial professional or brokerage firm, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions. Wednesday January 13, 2021 11:00 AM EST. $25,000 after it consented to findings that it failed to establish, maintain, "-Sonn Law Group Client. The worst firms appear to adhere to a high-risk business model, resulting in high continuing investor harm. For more information on The White Law Group, visit. Aegis Capital and Newbridge did not return calls for comment by press time. Specifically, these allegations stemmed from the firms sale of Unit Trust Investments (UTIs) to certain clients. Total. Newbridge Securities Corporation financial advisor Philip Gibson (CRD# 2905474) allegedly committed fraud, according to a pending investor complaint against him. Years in Business: 16. Business Started: 8/31/2006. SALES OF STRUCTURED PRODUCTS IN PENNSYLVANIA, In 2016, Newbridge was fined $25,000 for 2015 by The White Law Group, LLC All rights reserved. Yet, unfortunately, Newbridge Securities has not always lived up to this duty. May 28, 2019 | by Shepherd Smith Edwards & Kantas, LLP. NEWBRIDGE SECURITIES CORPORATION: Street Address: 1200 NORTH FEDERAL HIGHWAY: City: BOCA RATON: State: FL: Area Code: 33432: The information provided within this article is for general informational purposes only. Fined $138K by FINRA. By virtue of the foregoing, Newbridge violated FINRA Rule 3110 and. Specifically, FINRA enforcement staff found that representatives of Newbridge Securities were engaged in a complex scheme that was designed to increase the volume of trades on a particular stock. In September 2011, Newbridge was fined -, Friday November 11, 2022 2:00 PM EST The transactions in question qualified the customers for discounts and sales charge waivers, yet Newbridge Securities failed to properly identify and apply these cost savings. You can fight back and get your money refunded. To the extent any of these 0. November 2017 Numerous customer complaints, including those involving three retired Philadelphia police officers and a firefighter, were reportedly filed against Newbridge alleging that their financial advisor, Austin Dutton, did not properly warn them of the risks involved with the recommended investments. There have been several cases in which advisors employed by Newbridge Securities engaged in fraudulent or negligent industry practices. Scottsdale Progress: Local financial advisor under fire in lawsuit, Damian BairdSuspended from the Securities Industry, Peakstone NYSE Listing Disappoints Shareholders. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Newbridge Securities Corporation (CRD#: 104065) is a registered broker-dealer headquartered in Boca Raton, Florida. regulatory obligation to recommend only suitable The foregoing information, which is all publicly available, is being provided by The White Law Group. Many unregulated brokers have been found to scam traders. Potential Lawsuits to Recover Financial Losses. When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Contact our office today to discuss your case. Thomas John Avery has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck. Fagenson is no longer employed by Newbridge. Loading. In 2010 the complaint reached a settlement of $850,000. SLCG also correlated the products brokers are selling to the types of customer abuses and complaints their firm received, including breach of fiduciary duty, misrepresentation, fraud, churning and unauthorized data. If you have traded with Newbridge Securities Corporation and believe you have been scammed by them you have a chance to get your money back. The auditor noted Newbridge having made a provision of only $625 million against unresolved claims that added up to over $4.5 million at that time, leaving a huge gap in the event it was called upon to pay out the entire amount. In all, over thirty regulatory cases have been filed against the firm. Davis has been the subject of eight customer complaints between 1997 and 2018, one of which . Financial Industry Regulatory Authority records show that he is a broker with Newbridge Securities Corporation, doing business as Orion Wealth Management. The higher the concentration in illiquid securities, the more likely the firms clients have suffered from breach of fiduciary duty, misrepresentation or fraud. The worst 12 firms down through Bethel Fisher (Table 1 below) have five times that complaint level of the industry average of 2.6 percent, he added. Current And Past Allegations Of Conduct Leading To Investment Loss According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in March 2023, there is [], Margin Calls and Securities Based Lending, SECURITIES EMPLOYMENT & INDUSTRY DISPUTES. Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy . The order released did not specify the name of the broker who committed the wrongdoing, or the total amount of damage that was done to investors. We pride ourselves on providing quality legal services to our clients and handle securities fraud cases throughout the country. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); gform.initializeOnLoaded( function() {gformInitSpinner( 1, 'https://8zle54.p3cdn1.secureserver.net/wp-content/plugins/gravityforms/images/spinner.svg', true );jQuery('#gform_ajax_frame_1').on('load',function(){var contents = jQuery(this).contents().find('*').html();var is_postback = contents.indexOf('GF_AJAX_POSTBACK') >= 0;if(!is_postback){return;}var form_content = jQuery(this).contents().find('#gform_wrapper_1');var is_confirmation = jQuery(this).contents().find('#gform_confirmation_wrapper_1').length > 0;var is_redirect = contents.indexOf('gformRedirect(){') >= 0;var is_form = form_content.length > 0 && ! 3010 and 2110, and FINRA Rule 2010., In total, Newbridge Securities What current and prospective clients should know about complaints and regulatory actions against Newbridge Securities. Between July 2013 and July 2016, Newbridge allegedly failed to establish and maintain a supervisory system, and failed to establish, maintain and enforce written supervisory procedures, concerning the sale of complex securities, according to a Letter of Acceptance, Waiver and Consent. July 2017 The State of Pennsylvania sanctioned Newbridge Securities after allegations that it failed to reasonably supervise a registered representative in connection with the sales of structured products in the state. How to Sue a Financial Advisor or Stockbroker Over Investment Losses, How to File a Complaint Against Your Financial Advisor or Stockbroker, Security Exchange Commission Complaint: How to Report Your Brokerage Firm or Advisor to the SEC. 10-12-2019 - Newbridge Securities Corporation Enters into 5-Year Clearing Agreement with Axos Clearing LLC. Newbridge Securities Corporation celebrates its Chief Market Strategist Don Selkin Six of Michael Greenfield's 8 customer complaints were settled in favor of investors. 0. -, Monday January 25, 2021 11:00 AM EST Please research Thomas Averys disclosures, allegations and complaints before taking a decision, Originally reported on November 15, 2022 @ 11:41 pm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases. Questions? Corporation has 29 regulatory events and four arbitrations disclosed on its While "only 2.6 percent of the brokers at firms with more than 200 brokers have customer complaints, Aegis Capital (24.49 percent) and Newbridge Securities Corp. (24.27 percent) employ bad . 0. Specifically, these allegations involved the buying and selling of corporate bonds. Without admitting or denying any wrongdoing in this case, the company consented to the sanctions and agreed to pay the penalty. -, Thursday August 27, 2020 9:00 AM EST 1787 Views 0. . Newbridge Securities Corporation Recruits Chad Champion, Managing Director, Head of Equity Capital Markets NFSG Promotes Jennifer Dorfman as CCO of its RIA $5,000 for the following alleged violations resulting from a FINRA examination: For Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation. 1200 NORTH FEDERAL HIGHWAY, BOCA RATON, FL, 33432, Visit https://brokercheck.finra.org/firm/summary/104065 to read a detailed report for NEWBRIDGE SECURITIES CORPORATION, Were not sure. There are disclosures, allegations, or complaints filed against Thomas John Avery. Fined $115K, and censured, by FINRA for their failure to apply sales discounts for investors of Unit Investment Trusts (UITs) who qualified for them. June 2016 - FINRA censured and fined the firm $115,000 after allegations that it failed to apply sales charge discounts to certain investors eligible investments in unit investment trust products (UITs). Newbridge Securities Corporation (CRD#: 104065) is a registered broker-dealer headquartered in Boca Raton, Florida. & Assoc., Inc. Between July 2013 and July 2016, Newbridge allegedly failed to establish and maintain a supervisory system, and failed to establish, maintain and enforce written supervisory procedures, concerning the sale of complex securities, according to a Letter of Acceptance, Waiver and Consent. banks and brokerage firms in the world in securities matters. For more information about The White Law Group call our Chicago office at 312-238-9650 or visit us on the web at http://www.whitesecuritieslaw.com. I use this blog to bring attention to regulatory filings involving financial advisors, current events in securities and cases in the financial services industry, and to help investors understand their rights and options for financial recovery. a copy of the FINRA sanction, click here: Copy of FINRA Sanction. New York City NY, 10006 One of John Demeo's 3 customers' complaints was denied and the customers did not take any further action. 0. Many of our clients have lost a significant portion of their net worth as the result of the negligence of their financial professional. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees. Newbridge was censured and issued a fine of $138,000. -, Monday November 4, 2019 8:00 AM EST The rules and regulations of securities laws and FINRA policies are complex, and investment loss claims require an extensive understanding of securities arbitration to achieve the best possible results. In August 2010, FINRA found that Newbridge Securities was guilty of facilitating the manipulation of trades, a direct violation of SEC Rule 10b-5. A large number of customer complaints at Newbridge Securities Corporation also raises questions about . Please do not hesitate to call us today at 844-689-5754 to request a free review of your case. Newbridge Securities Corporation financial advisor Dana Davis (CRD# 1707708) is accused of unsuitable investment recommendations and excessive trading. During an extreme volatility event, LJMs value dropped 80% in February 2018 causing the fund to liquidate and close, resulting in thousands of dollars in losses for Newbridges customers. 35% of employees would recommend working at Newbridge Securities to a friend and 27% have a positive outlook for the business. Thomas L. Bojadzijev ("Bojadzijev"), 29, resides in Orlando, Florida, and is Michael R. Greenfield is a Financial Advisor at Newbridge Securities Corporation in Boca Raton, FL. Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others. involving a wide range of products, strategies and securities. Instead, the regulator has created a special exam unit targeting high-risk brokers, said Susan Axelrod, Finras executive vice president for regulatory operations at the National Society of Compliance Professionals Conference in Washington, D.C., last week. August 2019 The White Law Group filed a FINRA lawsuit against Newbridge on behalf of a Glendale, Arizona resident, requesting damages for alleged violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision. You may suffer significant losses at the hands of your financial advisors misconduct, such as if they misrepresented or failed to disclose the risks associated with a particular investment, recommended frequent trades for the sole purpose of generating commissions, or used high-pressure tactics to make a sale. For a copy of Newbridge Securities 0 . Newbridge Securities Corp Financial Advisor, Kerri Jamison, faces a series of complaints from customers who accused her of making unsuitable investment recommendations.Jamison has been in the securities industry since 2001, having worked at Dewaay Financial Network before joining Newbridge Securities.. Jamison is among several brokers at Newbridge Securities Corp that have been flagged for . Geral Cocuzzo, who pleaded guilty to his involvement in a securities fraud in 2016 around a $131 million Ponzi scheme. Many investors (presumably, . Shares. What we found is the worst brokerage firms over the past 10 years which are still in business remain the worst firms, said Craig McCann, CFA, PhD, and founder of SLCG, said in the firms white paper Rating Brokerage Firms by Their Complaint Histories Rather Than by Their Brokers Histories., The findings of SLCGs exhaustive, first-of-its-kind research are explosive and come from the Financial Industry Regulatory Authoritys own BrokerCheck data from 2007-2016, which SLCG has sliced and diced to rank the Worst Brokerage Firms.. Thomas John Avery at NEWBRIDGE SECURITIES CORPORATION - View Complaints, Disclosures, Scams and Audit Report (Updated 2023) Posted on April 1, 2023 April 1, 2023 Less than 0 min read Saving Bookmark this article Bookmarked. July 2017 The State of Pennsylvania sanctioned Newbridge Securities after allegations that it failed to reasonably supervise a registered representative in connection with the sales of structured products in the state. 41 branch offices. The firm has 31 regulatory events and 4 arbitrations on its record, according to FINRA, the self-regulator that oversees brokers and brokerage . Customers have alleged that the true risks of the bonds were not represented and not suitable. Life insurance and alternative investments are among the services provided by GWG Holdings, a financial services company with its headquarters in Dallas. investment losses. Financial Industry Regulatory Authority records show that he is a broker based in Fort Lauderdale, Florida, also operating as an insurance agent with Philip Gibson Insurance. Reproductions and distribution of this news story are strictly prohibited. A few recent examples: FINRA fined Newbridge $600K for their failure to supervise representatives who facilitated the sale of unregistered securities. Many investors (presumably, like yourself) are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or B . 0. Do you have a complaint about Newbridge Securities? The views and opinions expressed in these articles are those of the source BROKERAUDIT.COM and do not necessarily reflect the official position of AriesLawFirm.com, which shall not be held liable for any inaccuracies presented.